- Push-out Score suggests push-out forces
- After almost five years on the job
- Accolades and praise for Peribere
- Ted Doheny taking over
(exechange) — Charlotte, North Carolina, September 07, 2017 — Jerome Peribere, chief executive of Sealed Air, leaves. As announced by Sealed Air Corporation in a news release and in a regulatory filing published on Thursday, September 07, 2017, Jerome A. Peribere leaves the post as Chief Executive Officer at the packaging company after almost five years on the job, effective December 31, 2017.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past twelve months was 8.7 years, according to data compiled by exechange.
Peribere’s duties are taken over by Ted Doheny, most recently Chief Executive Officer at Joy Global.
The fact that Peribere’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
On September 6, 2017, Sealed Air announced that it has completed the sale of its Diversey Care division and the food hygiene and cleaning business within its Food Care division to Bain Capital Private Equity for approximately $3.2 billion.
No reason given
In the announcement, Sealed Air did not explicitly explain the reason for Peribere’s move.
Precise information about the future plans of Peribere was not immediately available.
Sealed Air said: “Jerome A. Peribere, Chief Executive Officer and President, has advised the Company’s Board of Directors of his intent to retire at the end of December 2017.”
Sealed Air further said: “Jerome A. Peribere, the Company’s President and Chief Executive Officer, advised the Company’s Board of Directors on September 2, 2017 of his intent to retire from his positions as the Company’s President and Chief Executive Officer on December 31, 2017, the end of his scheduled term of employment as set forth in the letter agreement dated January 15, 2016 between the Company and Mr. Peribere.”
Share price rise since September 2012
The change follows a rise in the share price of Sealed Air Corporation since September 2012.
Chaired by William J. Marino
Sealed Air Corporation is chaired by William J. Marino.
On the job as CEO since 2013
Peribere is the President and Chief Executive Officer of Sealed Air since March 1, 2013.
Prior to such position, Peribere served as the President and Chief Operating Officer of Sealed Air and was elected to the Board of Directors in September 2012.
Prior to joining Sealed Air, Peribere worked at The Dow Chemical Company, or Dow, from 1977 through August 2012.
Peribere served in multiple managerial roles with Dow, most recently as Executive Vice President of Dow and President and Chief Executive Officer, Dow Advanced Materials, a unit of Dow, from 2010 through August 2012.
Peribere currently serves as a board member of Xylem Inc.
Peribere previously served as a director of BMO Financial Corporation.
Peribere graduated with a degree in business economics and finance from the Institut D’Etudes Politiques in Paris, France.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Jerome Peribere’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 37.2017 ($).